How Much You Owe and What's The PPOR and IP Mortgage Rates?

Aerith-Waifu on 18/07/2023 - 16:41
Last edited 19/07/2023 - 16:46

Not much happening today so I do a boring Tuesday topic, how much you are owing and what's your mortgage rates on your PPOR and IP?

Here is mine:

IP owing $176k paying 6.84% (Ouch)
PPOR owing $235k paying 6.14% (Also Ouch)

Update:

After seeing some of the rates people are getting I called both of my bank today and was able to get good reductions without any resistance

My PPOR is now on 5.84%, a reduction of 0.30%

My IP has now dropped from 6.84% to 6.29%, a reduction of 0.55%

In total my yearly savings sits at $1100 for both reductions with just 2 simple calls lasting 20 mins.

Thanks for those who contributed to this forum.

Comments

bmxr on 24/07/2023 - 19:05

+1

PPOR - owing $1.5m @ 1.79% fixed with 2 weeks remaining and about move on to 5.79% variable. Ouch.
- JimB on 28/07/2023 - 11:19
  
  +1
  
  Ouch. good luck with the $60k p.a. increase.
MonkEE on 28/07/2023 - 09:22

+2

Thank you for this post. I had to make a few calls but was able to reduce rate from 5.99% to 5.74% owner occupied. Owning 240k left. I calculated saving of about $2 a day.
JimB on 28/07/2023 - 11:51

PPOR- paid off by selling some investments.
IP's x 4 = net loan after offset is about $800k. 6.10% p.a. P&I

Looking to refinance as CBA has said no to dropping the rates. But I'm lazy and they called my bluff. I'll look at refinancing to Unloan which seems to be lowest (and ironically owned by CBA).

The properties aren't high yielding nor expensive, I get about $1,500 p.w. gross, After expenses, it's still slightly positive but I still have to fork out some cash due to principal repayments. Should be debt free by the time I retire.

One good thing about having multiple cheaper properties is that I can sell one off if needed (and yields are slightly higher). Can't really sell off a 1/4 of a single $1.5m property.
Bad thing about multiple cheaper properties is maintenance is slightly higher.